Life sciences development may be Fulton Market’s next new thing

Trammell Crow wants to build the 400K sf Fulton Labs, hoping to attract biotech companies to the popular district

Jan.January 10, 2020 11:00 AM
Trammell Crow CEO Matt Khourie and a rendering of Fulton Labs (Credit: iStock)

Trammell Crow CEO Matt Khourie and a rendering of Fulton Labs (Credit: iStock)

Fulton Market has become known for its trendy restaurants and bars, glass offices, hotels and luxury residential buildings.

Now, Trammell Crow is developing a 400,000-square-foot life sciences complex, hoping the popular district will be a draw for biotech and pharmaceutical companies, according to Crain’s.

Called Fulton Labs, the building will rise at 400 North Aberdeen Street, taking advantage of Chicago’s relative lack of biotech campuses compared to cities like New York, Boston and San Francisco.

If the Fulton Labs project is approved, the 16-story property would be built on spec, with the goal of opening to tenants by the end of next year. Trammell Crow has already lined up financing for the project. Trammell Crow bought the property at the corner of Fulton Street and Ogden Avenue for $20 million from Economy Packing Company in 2018.

Despite the demand, developers often avoid life sciences properties because of their inherent risk and cost of development, according to Crain’s.

In the Chicago area, only a few such projects have made it from the planning stage to reality. Those include University Tech Park at the Illinois Institute of Technology, Illinois Science & Technology Park in Skokie and Rosalind Franklin University in North Chicago. The University of Chicago is partnering with developer Wexford Science & Technology to build a facility with lab space in Hyde Park.

Sterling Bay is also considering accommodating the life sciences sector in the 119,000-square-foot Lincoln Park medical research facility that it bought from Lurie Children’s Hospital in 2018. [Crain’s] — Brianna Kelly

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